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Canada stopped minting their pennies and is using polymer bills now. Will the United States follow suit by ending US penny minting? US Money Reserve President Philip Diehl discussed the demise of the penny during a CNBC Squawk Box interview.

“Cost of Minting Penny Higher Than One Cent”

During the December 30, 2015 CNBC Squawk Box interview, US Money Reserve President Philip Diehl stated the simple fact: “Nobody uses the penny anymore.” Many pennies are strewn on the road or lost in seat cushions. Mr. Diehl suggested that the time spent picking up a penny is not economically worthwhile because it amounts to less than minimum wage.

 

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